Pair : Euro pound vs. US Dollar @ EUR/USD
The previous Resistant level on the left hand side has been break by the long bullish candle on 25th August.
A Doji form and creates new high / new Resistant Level.
At this point, we realize the rejection is very strong, and probability to retrace is a good chance as well.
After a few days, a Bullish Pinbar is formed after a short downward rally the next day at 26th Aug.
We can actually place an entry here, because:
Western technique : the price reaches the previous resistant level where it is now the Support level.
Eastern technique : a Bullish Pinbar formed at the Support level.
And there you go, you can place the order.
The order can be place at 50% Retracement within the Bullish Pinbar itself.
Once triggered, you are good to go.
STOP LOSS & TAKE PROFIT
My STOP LOSS will be a little bit below the low of the Bullish Pinbar, just to let it have some space and room to breathe.
The TAKE PROFIT will be my recent High, where the Resistant Level of the Doji formed.
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The Plan?
I am actually waiting for Gartley Pattern to show up.
As i said in my previous post, this place will be going to be my place of study, training, practice, etc.
Easy said, training place is here.
What is Gartley Pattern?
I will explain it [here], the post about Gartley Pattern.
In this entry, the 1st part XAB triangle is formed.
You can say that my target profit is actually around the next point, C.
Till next time,
Cheers.
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